Indian banks make most of RBI’s FCNR deposit scheme, HDFC Bank emerges biggest player

Business Standard – In the three-month period between September and November when the Reserve Bank of India announced a special concessional dollar swap window to attract FCNR (B) deposits and foreign currency borrowings through which it raised $34 billion, thereby providing enough stability to rupee, Indian banks have emerged on top in mobilising the deposits.

According to banking sources, HDFC Bank has emerged as the top FCNR (B) deposit mobiliser accounting for over 10 per cent of the total fund raised within the scheme.